Dranoff gets $116M to fund Newark project

Dranoff Properties has closed on $116 million in financing that will fund the construction of One Theater Square in Newark, New Jersey.

The Philadelphia developer is doing the 22-story project in partnership with the New Jersey Performing Arts Center and has funding from Prudential Financial Corp. and Fifth Third Bank, as well as public financing from the city and state. New Jersey’s Economic Development Authority provided $33 million in tax credits for the project.

The development sits across from NJPAC's existing facility.

The development is being billed as the first ground-up, upscale residential high rise in Newark since 1960. It is also considered an important step in the ongoing revitalization of the North Jersey city.

The project sits on on 1.2 acres across from the existing performing arts center. It will have 245 units ranging from 585 to 1,700 square feet. Rents are expected to start at $1,250 to $2,000 for a 1-bedroom and run as high as $3,150 for a 2-bedroom and $4,500 for a 3-bedroom unit.The ground floor includes 12,000 feet of retail space.

One Theater Square is expected to be completed in the summer of 2018.

Source: Philadelphia Business Journal